February 8
Is Artificial Intelligence the Answer to Insurance Fraud?
By Nigel Cannings
Ongoing investment suggests that the perception amongst insurance professionals is yes. According to a 2021 survey, approximately 31% of insurance CIOs reported that they had already deployed AI and an additional 23% will deploy in the next 12 months. Focusing on Fraud and a recent survey by the Coalition Against Insurance Fraud showed that 21% of respondents are planning on investing in AI for fraud detection over the next 2 years. Yet against this backdrop of adoption, we see that most insurance companies process only 10-15% of the data they hold.
Big ‘I’ Presents Bill Harrison with Woodworth Memorial Award
The Big “I” presented William “Bill” E. Harrison Jr., chairman of the Big “I” Reinsurance Company, with the Woodworth Memorial Award at the Big “I” virtual Board of Directors meeting on Jan. 28. The Woodworth Memorial Award recognizes individuals who serve the insurance industry and the Big “I” with uncommon dedication. It is the association’s […]
Business Tips for Winter Months
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Colder temperatures can present challenges for business owners and their employees. With the COVID pandemic and the switch to more people working remotely, the challenges were increased. Employee and client safety are as important as profits to the conscientious business owner. […]
Deloitte: More Risks On More Fronts: Credit Risk, ESG and Cybersecurity Top Concerns for Financial Institutions
With economies contracting and unemployment rising, credit risk has moved to the top of the risk management agenda, according to Deloitte’s biennial survey on the state of risk management in the financial services industry globally. Twenty percent of the chief risk officers at financial institutions surveyed identified it as the No. 1 risk they see […]
Litigation Funding Dispute Gets Costly
The fight between prominent plaintiffs’ attorney Thomas Girardi and a litigation funder that claims he and his firm haven’t paid back a $15 million loan has been routed to arbitration. However, a significant, potentially public fight remains over whether Mill Valley-based funder Law Finance Group LLC will be able to go after Girardi’s personal assets […]
Bank’s Standing In Foreclosure Actions Just Got Easier
Attorneys who defend foreclosure actions often employ a defense called “produce the note.” Because mortgage notes often change hands (i.e., are sold) between the time the mortgage is taken out and the time of foreclosure, the foreclosing bank sometimes doesn’t have the actual note — and this may defeat the foreclosure action. But New York’s […]
